New Jersey Resources (NJR) investor relations material

Executive summary

• Fiscal 2025 featured disciplined execution, strong performance, and robust investment, with a raised lower end of NFEPS guidance to $3.20–$3.30, above the 7–9% long-term growth target.

• Net income for the nine months ended June 30, 2025, was $320.6M, up from $198.6M year-over-year, driven by higher base rates, a gain on the sale of residential solar assets, and increased natural gas prices.

• Utility operations, especially NJNG, remain the primary earnings driver, with customer growth and favorable regulatory outcomes.

• Clean Energy Ventures placed 63MW in service YTD, completed a 91MW residential solar sale, and maintains a robust pipeline.

• Total assets increased to $7.27B as of June 30, 2025, primarily due to utility plant investments and higher receivables.

Financial highlights

• Year-to-date NFE reached $313.4M or $3.13 per share, up nearly 55% year-over-year; Q3 NFE was $6.2M, a $15.1M improvement from Q3 2024.

• Operating revenues for the nine months were $1.70B, up 21% year-over-year; Q3 revenues were $298.9M.

• Utility gross margin for NJNG was $595.2M for the nine months, up from $477.2M year-over-year.

• Cash flows from operations for the first nine months were $385.2M, up from $362.9M year-over-year.

• Capital expenditures for the first nine months were $456.8M, with $310.1M in utility plant and $129.9M in solar equipment.

Outlook and guidance

• Fiscal 2025 NFEPS guidance raised to $3.20–$3.30, above the long-term 7–9% growth target, driven by utility and solar performance.

• Over 70% of FY2025 NFEPS expected from utility operations, excluding the gain from the solar portfolio sale.

• Planned capital expenditures for FY2025–2026 are $1.3–$1.6B, with $650M–$770M in FY2025.

• Dividend growth targeted at 7–9% annually, with FY2025 dividend per share at $1.80.

• Management expects existing borrowing capacity, equity proceeds, and cash flows to cover capital and dividend needs for at least the next 12 months.